Speaking of Alternatives

Energy mezzanine financing occupies a unique position between credit and equity, offering growing companies access to capital without diluting ownership. In this episode, Brian Thomas, Head of Real Assets, Private Credit at PGIM, joins Keshav Rajagopalan to explore the specialised world of energy mezzanine investing. They discuss why this niche strategy matters, how it fits into institutional portfolios, and what's driving demand across conventional energy, power, and renewables. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: - Energy mezzanine financing bridges the gap between senior debt and equity, providing tailored capital solutions for mid-sized companies. – [04:00] - The energy sector is shifting from rapid growth to a more disciplined, cash-flow-focused phase, creating opportunities for mezzanine capital. – [06:00] - Financing solutions must align with step-change risk moments, matching capital to project milestones rather than long-term assumptions. – [11:00] - Mezzanine financing is increasingly relevant in renewables and power, helping developers avoid equity dilution while meeting tight deadlines. – [15:00] *The views expressed are those of the speakers at the time of recording and may not reflect their current opinions. This content is not investment advice.* Learn More: • @PGIM on X: https://twitter.com/pgim • @PGIM on Instagram: https://www.instagram.com/pgim/ • PGIM on LinkedIn: https://www.linkedin.com/company/pgim Shareables: "Energy mezzanine financing is about solving a very specific need—providing capital without forcing companies to dilute ownership at critical growth stages." - Brian Thomas, Head of Real Assets, Private Credit, PGIM "The energy sector is dynamic, and mezzanine capital gives us the flexibility to tailor solutions for companies navigating step-change risk moments." - Brian Thomas, Head of Real Assets, Private Credit, PGIM "These are not off-the-rack solutions. Energy mezzanine investing requires deep sector knowledge and bespoke structuring to create real value." - Brian Thomas, Head of Real Assets, Private Credit, PGIM

In this fascinating discussion, Edwin Wilches, Co-Head of Securitised Products at PGIM, unpacks the transformative landscape of Asset-Based Finance (ABF). With his extensive experience, he reveals how ABF is redefining funding in the real economy, driven by regulatory changes and market evolution. Institutional investors are increasingly drawn to ABF for diversification and better yields. Edwin also highlights emerging opportunities in AI infrastructure and data centers, showcasing the growing significance of contractual cash flows in enhancing portfolio returns.

Stuart Parker, Head of Global Wealth at PGIM, and Dominick Carlino, Global Head of Alternative Investments at PGIM, discuss the rapid growth of alternative investments in private wealth. They highlight how democratizing access to private markets is reshaping investment strategies. Education plays a vital role in integrating alternatives into portfolios, ensuring that wealth managers can adapt to evolving client needs. Additionally, innovation in product offerings is making alternatives more attractive, heralding a new era for high-net-worth investors.

Josh Cohen, Managing Director of PGIM's DC Solutions team, offers insights into the rapidly evolving defined contribution landscape and how alternatives may play an increasingly important role in this space. Keshav and Josh discuss the compelling arguments for integrating alternative assets into DC plans. As global policymakers evaluate the role of alternative investments in customised solutions, they consider the challenges that must be addressed. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Preserving Financial Futures in DC. [3:01] ● Policy Initiatives & Alternative Investments in DC. [7:53] ● DC Headwinds Include Operational Complexities & an Environment of Litigation. [11:37] ● Alternative Allocations in Defined Contributions. [18:53] ● Summing Up: Key Takeaways. [23:56] *The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. Find Out More About Alternative Investing: The Accidental Plan Sponsor Podcast: The Down Under Edition realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "We are doing a lot of this for the endworkers, savers, and retirees, and we know the solutions that we're working towards have a meaningful impact on their retirement readiness." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing "The preferred application for investments in DC plans, specifically for alternative assets, is in multi-asset strategies." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing #investing #alternativeinvesting "We need to be careful about bucketing all alternative assets into one segment. They impact a portfolio differently." — Josh Cohen, Managing Director of PGIM's DC Solutions team #PGIMPodcasts #investing #investing #institutionalnvesting

…Let's Talk Global REIT Securities with Rick Romano, Head of PGIM Global Real Estate Securities Rick Romano, Head of PGIM Global Real Estate Investment Trust Securities, offers insights about the multifaceted nature of hybrid real estate securities and the potential benefits of REITS in investment portfolios. Keshav and Rick highlight how global real estate securities can offer a compelling value proposition for investors. This diverse investment vehicle provides a low barrier to entry into real estate, an asset class distinctly positioned at the convergence of public and private markets. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● The Global Real Estate Securities landscape. [3:16] ● Why now for REITS?. [5:03] ● Geographic Shift: Reallocation from the U.S. to Europe? [8:25] ● The Headwinds and Tailwinds of Global Real Estate Investments. [10:18] ● The Convergence of Public & Private Real Estate Markets. [18:19] *The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. This content should not be construed as investment advice or an offer to purchase or sell any security. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn *Source [10:48]: DrWealth.com, 10 years of REIT performance, as of 19 June 2025 Shareables: "Real Estate touches on all aspects of the economy, globally." — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #investing #valueadd "Historically, commercial real estate was cyclical. Now, on the listed markets, you have these big areas of opportunity that are not very cyclical." — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #PGIMPodcasts "We went from U.S. exceptionalism quickly to U.S. uncertainty and people wanting to move out of that space." — Rick Romano, Head of PGIM Global Real Estate Securities #alternativeinvesting #valueadd "Real Estate doesn't sit in the centre of the tariff war." — Rick Romano, Head of PGIM Global Real Estate Securities #investing #institutionalnvesting "With supply muted over the next few years, we think we can see some good revenue growth acceleration in more traditional property types."— Rick Romano, Head of PGIM Global Real Estate Securities #investing #alternativeinvesting "It can balance out the volatility in your real estate portfolio by marrying the public and private together." — Rick Romano, Head of PGIM Global Real Estate Securities #PGIMPodcasts #alternativeinvesting #valueadd

Dan Matviyenko, Healthcare Portfolio Manager at Jennison, offers insights and strategies on navigating the complex and dynamic landscape of healthcare equity investing. Laurie Chan, PGIM's U.S. Head of Alternative Solutions, and Daniel explore healthcare equity, focusing on macroeconomic forces, supply chain vulnerabilities due to trade tensions, the role of AI, and generating alpha from long and short positions. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Healthcare Equity Investing offers a Spider Web of Opportunity. [3:04] ● The Role of Robotics and AI in Healthcare. [4:55] ● Trade tensions and Supply Chain Vulnerabilities. [8:16] ● Sizing Healthcare Sectors and Subsectors. [10:29] ● Alpha creation in Long and Short positions. [15:39] ● Three Key Insights for Healthcare Investors. [30:19] *The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "Robotic surgery will come to dominate the operating room." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #valueadd "[On tariffs] Healthcare can manage these increased costs much better than most companies out there." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #PGIMPodcasts #alternativeinvesting "The United States has two industries where we are the world leader. One is obviously tech, but the second one is healthcare." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #alternativeinvesting #investing #PGIMPodcasts "Subsector selection, size, and timing are very important to what we do." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #institutionalnvesting #valueadd "Sizing the investment at the right point in time is actually more important than picking the right investment." — Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting "We look at our short book as an absolute return vehicle. It's not a hedge."— Dan Matviyenko, Healthcare Portfolio Manager of Jennison #investing #alternativeinvesting

Enrique Lavín provides critical insights into investing in Mexican industrial real estate by leveraging his market expertise and corporate finance/risk-opportunity background. Laurie Chan, PGIM's Head of Alternative Investments, speaks with Enrique about the resilience of the Mexican Industrial Real Estate sector amidst U.S. trade volatility, nearshoring dynamics, and broader macro investment trends. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Trade tariff impact on the Industrial Mexican Real Estate Sector. [3:07] ● Significant Nearshoring Opportunities in Mexican Industrial Real Estate. [5:51] ● Tailwind Risk Assessment & Headwind Development Prospects. [7:39] ● Mexican Industrial Real Estate Recession Resilience. [10:22] ● Reactions to U.S. Trade Tariffs & Future Outlook. [12:22] ● Summary of Mexican Industrial Real Estate Investments. [13:57] *The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "Mexico secures, at least for now, a leading role in a global manufacturing platform." — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #institutionalinvesting "A return of nearshoring will make prospective tenants once again gravitate to Mexico as a prime destination for low-cost manufacturing." — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #alternativeinvesting "A revamped nearshoring wave is about to take off." — Enrique Lavín, Head of LatAm Real Estate for PGIM #PGIMPodcasts #institutionalnvesting #valueadd "Mexico's preferential position in the new trade policy will drive incremental demand for industrial real estate." — Enrique Lavín, Head of LatAm Real Estate for PGIM #investing #alternativeinvesting

Nandini Mongia is the Group Executive Chair and CEO of Prismic Life, and Mike Thompson is the Managing Director of Warburg Pincus and Head of Capital Solutions for Europe. Nandini has nearly three decades of financial and business experience supporting the insurance and reinsurance industry. Mike has 20 years of private investment experience. Keshav, Nandini, and Mike discuss the fundamental role of reinsurance in managing risk, offering financial protection, and enabling growth within the insurance industry. Moving forward, global trends indicate a growing interest and allocation towards alternative investments and private investments. Prismic Life Reinsurance, Ltd. is a global reinsurance platform in which Prudential Financial, Inc. (NYSE: PRU) (PFI) and Warburg Pincus are investors, as well as overseeing Prismic's long-term strategy through participation on its board of directors. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Reinsurance Manages Risk, Offers Financial Protection, & Enables Growth. [3:27] ● Global Trends Point Towards Alternatives & Private Investments. [6:38] ● Prismic — A Strategic Reinsurance Partner. [8:56] ● Private Alternatives are Well-Suited for Insurance. [12:22] ● Regulation's Role in Asset Liability Management. [16:31] *This episode is only for listeners in the US. All investments involve risk, including the possible loss of capital. This podcast is for informational or educational purposes. The information is not intended as investment advice and is not a recommendation about managing or investing assets.The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "When you look at global megatrends, the balance sheet of the insurance industry as it exists today is actually not sufficient to support what we call global unmet insurance and retirement income needs." — Nandini Mongia, Group Executive Chair & CEO of Prismic Life #PGIMPodcasts #alternativeinvesting "The average insurance company historically has had a relatively unsophisticated and un-optimized asset allocation and so are leaving investment spread on the table." — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #PGIMPodcasts #institutionalnvesting #valueadd "We think the global megatrends, unoptimized balance sheets, and the opportunity to provide capital into a market where public markets have struggled, we think they are compelling ingredients for an attractive investment." — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alternativeinvesting "The long-dated nature of the liabilities in insurance and in the manner in which they are not-runnable in the same way as deposits makes them much more able to take those illiquid assets and therefore earn that illiquid premium and the excess spread." — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alts "This is an industry with an almost infinite capital need and private equity exists to fulfill capital needs." — Mike Thompson, Managing Director of Warburg Pincus & Head of Capital Solutions for Europe #investing #alts "Prismic in and of itself is an alternative. Its exposure to a wide array and diverse allocation of alternatives and that's what I think is so compelling about how it is also affecting capital markets." — Keshav Rajagopalan, Managing Director & Head of Product & Strategy at PGIM Multi-Asset Solutions #institutionalnvesting #valueadd

Alfred Lerman is the Chief Investment Officer at PGIM Multi-Asset Solutions and Mao Dong is the Co-Head of Portfolio Management at PGIM Multi-Asset Solutions. Alfred is passionate about optimizing portfolios through a thoughtful balance of risk and return objectives. Mao's strength is in customizing portfolios based on unique client objectives. Keshav, Alfred, and Mao discuss the strategic integration of alternative investments in portfolio construction. Their analysis highlights the unique potential for portfolio customisation through the synergistic blend of private and public asset classes, coupled with robust risk mitigation strategies via meticulous underwriting and stringent covenants. Subscribe to Speaking of Alternatives on your favourite podcast platform. Key Takeaways: ● Alternatives Role in Constructing Multi-Asset Portfolios. [4:14] ● Portfolio Construction Customisation with Alternatives. [9:06] ● Dynamic Private and Alternative Asset Opportunities. [11:48] ● Managing Insurance Private Capital and Associated Risks. [14:26] ● Critical Elements of a Strong Portfolio. [17:17] *The views expressed herein are those of the speaker at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice, and should not be considered investment advice. Find Out More About Alternative Investing: PGIM Private Alternatives realestate.investorservices.emea@pgim.com @PGIM on X @PGIM on Instagram PGIM on LinkedIn Shareables: "There are two primary reasons why investors go in for alternatives. One, return and second diversification." — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIPodcasts #institutionalinvesting "You can't just turn on and off an allocation. You need to achieve a vintage diversification." — Alfred Lerman, Chief Investment Officer at PGIM Multi-Asset Solutions #PGIMPodcasts #alternativeinvesting "A rigorous underwriting process and risk management process is critical in determining suitable strategies for clients." — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #PGIMPodcasts #institutionalnvesting "Alternatives have become an increasingly prominent asset class in multi-asset class portfolio settings." — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alternativeinvesting "Private assets can play a complementary role to public markets across asset allocation." — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #alts "Having strong convents in place and protection for the end investors are critical elements of a strong portfolio." — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #investing #valueadd "For institutional investors that are looking to position in this recovery sentiment we think real estate debt can provide spread premium as well as portfolio diversification benefits." — Mao Dong, Co-Head of Portfolio Management at PGIM Multi-Asset Solutions #institutionalnvesting #valueadd

Darin Bright, Head of Core Plus Strategies at PGIM Real Estate, shares his insights on the evolving landscape of real estate investing. He discusses the allure of Core Plus strategies as a tangible investment choice and emphasizes the value of strong relationships in the industry. The conversation dives into how demographic shifts and technology influence investment opportunities, particularly in senior housing. Darin also examines the challenges and potential within the office sector, highlighting key takeaways for navigating today's real estate market.